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Canada's Lululemon Athletica narrows Q4 forecast

A Lululemon Athletica store in Pasadena, California.
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A Lululemon Athletica store in Pasadena, California.

Canadian yoga and leisure apparel retailer Lululemon Athletica said on Monday it had narrowed its profit and revenue forecasts for the fourth quarter of 2016.

The yogawear maker now expects its fourth-quarter net revenue to be $775 million to $785 million, from the company's previous forecast of $765 million to $785 million.

"We had a strong holiday season in both our store and digital channels," Chief Executive Laurent Potdevin said in a statement.

Lululemon also expects its fourth-quarter earnings to be 99 cents to $1.01 per share from its previous guidance of 96 cents to $1.01 per share.

The retailer, which competes with Nike and Under Armour in the lucrative athleisure market, reported better-than-expected third-quarter profit in December on higher gross margins and sales.